9 PASSOS PARA MONTAR O SEU ESCRITÓRIO VIRTUAL

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Os escritórios virtuais estão cada vez mais na moda e os motivos para que isso aconteça são vários. Maior mobilidade, menos custos e a fácil distribuição de tarefas são apenas algumas das principais vantagens em trabalhar num escritório virtual.

Ao longo dos últimos anos, tenho desenvolvido algumas estratégias que me têm permitido ter um escritório cada vez mais virtual. Isso tem sido benéfico, não só para o meu negócio, mas também para a minha produtividade, visto que um escritório virtual acaba por dar uma maior disponibilidade para trabalhar onde me sinto mais confortável.

Apesar de ter mudado do Home Office para o escritório ao longo dos últimos meses, tal como explica neste artigo, a verdade é que em muitas ocasiões gosto de trabalhar num café ou em outro local que não seja o escritório (especialmente em dias de maior calor…), e por isso continuo fiel à minha estratégia de manter tudo o mais virtual possível.

O QUE É UM ESCRITÓRIO VIRTUAL?

Para quem não sabe, o escritório virtual é a “migração” do seu escritório físico para um ambiente virtual. Ao invés de ter arquivos com pagamentos de clientes, contratos ou estar pessoalmente com a sua equipe, no escritório virtual você tem tudo isso na “nuvem”,  o que permite que você acesse a esses arquivos ou contate com essas pessoas em qualquer local do mundo. Para isso, você apenas necessita de fazer o login na sua conta! Serviços como o Google Drive, Dropbox ou o Evernote são os melhores exemplos de projetos que são possíveis de serem acessados em qualquer local do mundo.

Ao longo deste artigo, vou compartilhar com você algumas das estratégias que me têm ajudado a ter um escritório móvel. Se você tiver alguma dica sobre este tema, não hesite em deixar um comentário no final do artigo.

1. FAÇA O LEVANTAMENTO DE TODAS AS SUAS DEPENDÊNCIAS FÍSICAS

Antes de pensar em ter um escritório virtual, você necessita de pensar em todos os pormenores físicos que você necessita para trabalhar. Pormenores como umlocal para guardar documentos, telefone, um endereço para receber correspondência ou até mesmo um escritório para receber clientes são opções que você conseguirá transferir para um escritório virtual, como vamos ver nas próximas linhas.

Já uma impressora, por exemplo, será um acessório que você não pode levar para todo o lado e por isso é necessário que encontre uma solução para quando necessitar de utilizá-la.

Fazer esse levantamento é bem simples: pegue num bloco de notas e faça uma lista com todo o material indispensável para você trabalhar no dia-a-dia. Agora espere até ler as próximas linhas e conferir se nós temos alguma solução para substituir esse material.

Ebook - Ser Freelancer

2. PENSE NOS POSSÍVEIS LOCAIS PARA ONDE VAI TRABALHAR

Agora que você já fez o levantamento de tudo, chegou o momento de conferir os locais para onde você pode trabalhar com o seu escritório virtual. As opções mais comuns são estas:

  • Empresas que alugam escritórios virtuais: Existem várias empresas que alugam escritórios virtuais. Esta opção apresenta algumas vantagens, tais como a possibilidade de ter uma secretária, um telefone fixo ou um local para receber os seus clientes. Porém, tem sempre a questão do custo, pois estes escritórios virtuais representam um valor fixo. Esta opção não é aconselhável caso o seu objetivo com o escritório virtual seja reduzir custos.
  • Cowork: Alguns freelancers preferem ter um local reservado num cowork para trabalharem de vez em quando. Não é incomum ver freelas que trabalham num Home Office e num Cowork alternadamente. Apesar de representar um custo mais baixo, ter um lugar reservado num Cowork continua a representar um custo fixo. Se quiser saber mais sobre este tema, leiaeste e este texto.
  • Cafés: Os cafés são excelentes locais de trabalho, com a grande vantagem de que você pode ter várias opções disponíveis. Se não quiser trabalhar num café poderá ir para o outro, tornando o seu dia-a-dia bem menos monótono. Uma boa internet, conforto e ser um local com pouco barulho são questões importantes na hora de escolher um café para trabalhar.
  • Biblioteca: Se você gosta de locais mais silenciosos, então as bibliotecas são uma boa escolha. Normalmente, as bibliotecas têm uma internet com qualidade e são um ambiente bastante confortável. Porém, elas apresentam algumas desvantagens. A primeira é que você não poderá receber os seus clientes lá. A segunda grande desvantagem é que atender o celular ou fazer ligações pelo Skype também não é algo possível, pois pode incomodar os outros utilizadores da biblioteca.

3. ATENÇÃO AO MATERIAL FÍSICO…

Apesar do nosso foco aqui ser o escritório virtual, você vai sempre necessitar de algum material físico para trabalhar. É importante que não se esqueça do básico como o carregador para o seu computador, uma garrafa de água ou uns fones de ouvido para escutar música durante o trabalho. Logo abaixo, fica a imagem do que eu normalmente levo quando não estou no meu escritório físico:

material para escritorio virtual

4. APLICATIVOS PARA ORGANIZAR OS SEUS DOCUMENTOS

Agora que já falamos sobre os conceitos básicos, chegou o momento de falarmos sobre a organização do seu trabalho.

O primeiro cuidado que você deve ter é com a organização de documentos. Atualmente, acredito que existem poucas ferramentas no mercado que sejam tão poderosas como o Google Drive. Com o seu serviço baseado na nuvem, o Google Drive fornece uma opção gratuita e extremamente intuitiva para se trabalhar.

Com ela é muito fácil guardar arquivos, compartilhar esses arquivos com clientes e ter ferramentas como o Word, Excel ou Power Point num único local, podendo acessar a partir de qualquer computador. Basta fazer o login e pode encontrar a toda a informação. Mesmo que você não tenha conexão à internet, pode usar a Google Drive em modo offline no seu ambiente de trabalho!

A imagem abaixo é como organizo a estrutura do meu Google Drive.

Exemplo de organização na Google Drive

Veja como é possível dividir em várias pastas, cores, etc. Para cada cliente, por exemplo, eu crio uma pasta com todas as informações e ao mesmo tempo compartilho as informações com esse meu cliente.

Além disso, tenho também pastas para os pormenores pessoais tais como arquivos importantes ou planilhas para gestão financeira da minha vida pessoal. Fica tudo online e acessível em qualquer local!

Se quiser saber mais sobre o Google Drive, aconselho que leia este artigo: 14 truques e segredos do Google Drive

5. AUTOMATIZE AS SUAS PROPOSTAS

A Google Drive também acaba por trazer uma grande vantagem na organização de arquivos importantes tais como propostas de contratos, modelos de briefing, planilhas para gestão de custos, entre outros.

Ao invés de andar com papéis atrás de você o tempo todo, experimente ter um modelo “base”, que fica guardado na Drive e depois rescreva ele conforme as necessidades do seu cliente.

Outra grande vantagem de ter os seus arquivos importantes por lá, é que você pode compartilhar eles com os seus clientes. Desta forma, o cliente recebe em poucos minutos a sua proposta. Por norma, demoro menos de 24 horas a enviar propostas aos meus clientes. Se fosse rescrever tudo, imprimir, entregar para a proposta por email, etc, certamente demoraria vários dias! Além de correr o risco do email ir parar ao Spam!

Lembre-se, tal como explicamos neste artigo: responder mais rapidamente aos seus clientes aumenta as suas chances de fechar um projeto com ele!

6. ORGANIZAÇÃO FINANCEIRA NA NUVEM

Outra grande fonte de papelada no seu escritório é a sua gestão financeira. Felizmente, hoje em dia já existem apps que permitem que a organização financeira seja feita completamente online. Confira aqui algumas dessas apps:

  • WaveUma das principais novidades do mercado em 2014. A Wave permite que você insira todas as suas entradas e saídas de dinheiro do seu negócio, controle recibos e ainda organize as suas finanças pessoais. A app já trabalha com alguns bancos brasileiros, fazendo a integração direta das suas entradas e saídas de dinheiro.
  • OrganizzeTalvez o site brasileiro mais conhecido quando o assunto é gestão financeira. O Organizze é um site que permite a organização financeira pessoal e profissional. Ele gera relatórios financeiros, define metas e controla os seus gastos com cartão de crédito. Além disso, está 100% em português!
  • Conta AzulMais vocacionada para a gestão empresarial, a Conta Azul é responsável por 260 mil empresas no Brasil. Tem planos que começam nos 29 reais. Só deve ser equacionada no caso do seu negócio estar numa fase mais avançada.
  • Zeropaper: Completamente grátis, o Zero Paper é outra opção bastante interessante. Com ela, você vai controlar todas as despesas da sua empresa, comparar as receitas com meses anteriores e ainda ter relatórios personalizados com os seus resultados.

7. FAÇA O TRACKING DO SEU TRABALHO

Já expliquei anteriormente, na Escola Freelancer, que fazer o tracking do seu trabalho é fundamental. Enquanto freelancer, é necessário que você saiba quanto tempo está gastando com cada cliente. Para fazer essa mensuração, a melhor opção é usar um algum aplicativo. Confira aqui algumas das melhores opções:

  • Paymo: Já escrevi imensas vezes sobre ela na Escola Freelancer e continuarei a escrever pois adoro esta app! O Paymo permite que você ative um cronômetro e conte o tempo que está gastando com cada cliente. Além disso, permite que crie invoices e defina o seu valor por hora.
  • FreshBooksO Fresh Books conta com todas as funcionalidades que um sistema de faturação necessita: permite enviar cobranças, saber a situação de cada cliente e dar baixa de pagamentos. O site conta também com uma versão grátis, que pode ser criada em poucos minutos
  • BallparkSe fazer ofertas para clientes, criar faturas ou mesmo controlar o tempo no seu trabalho são um problema para si, então conheça o Ballpark, uma excelente ferramenta que vai ajudá-lo a conseguir ser mais eficiente com os seus clientes.
  • PowerLancer: O PowerLancer tem muitas funcionalidades interessantes. Além de fazer o tracking do seu trabalho, a app também permite a gestão de clientes, gestão financeira e organização de tarefas.
  • House of WorkA House of Work é um projeto 100% brasileiro e inteiramente grátis para freelancers. Esta ferramenta tem como objetivo principal organizar os seus projetos e ajudá-los a perceber os custos (e o tempo) investido em cada projeto.

8. GESTÃO DO TRABALHO EM EQUIPE

Ter um escritório virtual também permite que você trabalhe em equipe sem estar constantemente a encontrar-se pessoalmente com outras pessoas. No fundo, o que você necessita é de uma app que permita essa integração.

Atualmente, o aplicativo que mais recomendo é o Flow. É com ele que delego tarefas à minha equipe e não tenho motivos para usar outra opção. Saiba mais sobre o Flow neste artigo.

Outra opção para gestão de equipes é o Basecamp. Logo abaixo, compartilho o vídeo do criador desta ferramenta, que conta como um grupo de pessoas, vivendo em países diferentes, conseguiram criar uma das melhores apps do mercado. Se você tiver dificuldades com o inglês, poderá ativar as legendas em português.

http://embed.ted.com/talks/jason_fried_why_work_doesn_t_happen_at_work.html

9. MANTENHA-SE EM CONTATO

Manter-se em contato com os seus clientes também é fundamental. Para isso, nada melhor que o Skype! É sem dúvida alguma a melhor escolha, além de ser completamente grátis.

Uma das grandes vantagens desta app é que você pode comprar créditos e a partir daí ligar para os seus clientes. Recentemente, o Skype até tornou grátis a opção de falar com várias pessoas ao mesmo tempo, podendo reunir-se assim com a equipe dos seus clientes sem qualquer custo.

Se quiser saber mais sobre o Skype, aconselho que leia este artigo: O guia completo para quem quer começar com o Skype

Mas se você não gosta do Skype para reuniões, ainda existe o Google Hangouts. Esta ferramenta do Google permite que você faça ligações com um máximo de dez pessoas em simultâneo. Na minha opinião, um dos seus pontos fortes é a qualidade das ligações. Raramente tive problemas com as ligações por Hangout. Já com o Skype não posso dizer o mesmo…

BÔNUS

Conforme os leitores do artigo forem deixando sugestões de aplicativos, vamos inserindo aqui algumas apps sugeridas por eles. Confira aqui a lista:

  • Evernote: para guardar todas as suas notas
  • Dropbox: alternativa ao Google Drive
  • IFTTT: excelente para automatizar tarefas
  • Spotify: para escutar música enquanto trabalha

CONCLUSÃO

Trabalhar num escritório virtual é uma opção que traz vantagens e desvantagens, mas acredito que com as dicas que partilhei com você, o seu sucesso em montar um escritório virtual estará mais próximo!

E agora, pergunto a você:

  • Já tentou trabalhar sem ter um local fixo?
  • Quais foram as dificuldades que encontrou?

Abraço,

Luciano Larrossa

Android – List of Free code Camera

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Projects

  • 3 DSModel AR
    Load and display a 3 DS file on camera view using JPCT. Basic Augmented Reality on Android.
  • AB ITS Inc Flashlight Android
    A basic, ad-free, flashlight application that falls back to using the screen if a camera LED is not present on the device.
  • Android Camera Example
    A sample android camera example.
  • android camera gallery example
    Simple app that select a picture from gallery or camera.
  • Android Camera Stream Module
    Appcelerator Camera Stream Module.
  • android camera tests
    Tests with the android camera and some opencv stuff.
  • android camera with opencv sample
    Android Camera Sample + OpenCV lib.
  • Android ContactlessVitalSigns
    Using the Android camera , the app detects faces and starts to calculate heart rate, blood pressure, and body temperature.
  • Android LED Incapacitator
    Exploring the Bucha effect from a camera phone flash.
  • android packages apps Camera
    AOSP Camera app – modified for htc hero.
  • android packages apps FFCFix
    Temporary work-around for FFC on msm7x30 ICS Camera HAL.
  • android packages apps Focal
    Open Source Android Camera App | don’t forget android _external_Focal repo.
  • Android Scene
    An Android app that manipulates scenes captured from the camera. Will add more features later.
  • AndroidCamera
    Playing with the Android Camera.
  • AndroidCamera App
    HW#2: Uses CWAC (CommonsWare) camera library to show and manipulate the camera.
  • AndroidCamera PreviewAPI8
    A sample application to show how to create a camera preview app for android API level 8. Keeping the aspect ratio of the preview and not subclassing SurfaceView.
  • ar. camera SDK
    Test Camera with the Android SDK.
  • Ascii Camera
    View the world in ASCII on your Android device.
  • Auto Camera
    This is an Android app that is an activity that automatically takes a picture.
  • Camdroid
    A sample Android camera app live coded at TriDroid meetup.
  • Camera
    Sample Android Camera Application.
  • Camera Coder
    Visible Light Communication Test for Android.
  • Camera DCIM
    DCIM compliant Android Camera (and Camcorder).
  • Camera Example
    An example of taking pictures programmatically in Android on a timed loop.
  • Camera Face Eyes Mouth
    Sample Android app to detect the face, eyes, and mouth and draw items over the camera preview to denote where they are.
  • Camera Loop
    Testing Android 2.1 application that continuously takes pictures.
  • Camera Overlay
    Android app, free on google play.
  • camera play
    Playing with the Android Camera.
  • Camera PreviewSample
    Sample code of Android camera preview.
  • camerio
    our cool android camera !.
  • camspy
    Make Android view CCTV Camera.
  • CamTimer
    Simple camera timer app for Android.
  • Confluence Camera
    Take pictures with your Android device and upload them as attachments in Atlassian Confluence.
  • CxemCar2
    CxemCar2 Android RC Car Project with Camera.
  • DashCam
    An android application which provides the functionality of dash camera in modern vehicles.
  • dgCam
    Custom camera for Android created for testing, playing and learning. You will find a lot of useful stuff in this little app.
  • Digisystech BlueTrigger
    Android Open Source Blue Tooth Camera Triggering Software.
  • Docam
    Android camera app for papers.
  • Duchess Camera
    Duchess France Android Application.
  • edgefinder
    Edge Detection Camera Preview Filter for Android.
  • EnCam
    An encrypted Camera application for android.
  • Face Camera
    This can serve as a starting point if you are interested in integrating android camera with android face detect.
  • Frosted Window
    Android experiment, playing with the camera API and a couple of effects.
  • HeightCatcher
    HeightCatcher is an open source application for a camera -enabled mobile device (e.g. Android tablet or phone) that can measure the height on an infant and use age and weight inputs to calculate a Z score for that infant.
  • Hidden Camera
    WIP Android hidden camera app.
  • JME3 Android Camera
    A demo for integrating the Android camera with jMonkeyEngine.
  • Kiss The Presidents
    Android experiment to play with the camera API. At the moment includes presidents from Venezuela, USA, France, China and North Korea. Feel free to check the code and add the president of your country.
  • maps android flyover
    Camera flyover example app using the Google Maps Android API v2.
  • mASCIIcam
    ASCII-art camera for android.
  • Messing with Androids Camera and Sensors
    Messing around with the orientation and acceleration sensors and the camera.
  • My Camera
    Example of how to use Android camera.
  • OpenCV DirectionBlob
    An usage of OpenCV Blob Color Detection to set a direction from an android camera.
  • OrzEye
    An Android OCR application that uses the camera to look up the recognized English words. Use tess-two as OCR engine.
  • PACC
    PTP Android Camera Control.
  • peepers
    A simple IP camera application for Android.
  • PghTraffic
    Android app for viewing Pittsburgh traffic cameras.
  • porkycam
    Interval Camera for Android.
  • Portrait Camera
    Android Portrait Camera Sample.
  • QuickSnap
    Android camera implementation based off the official Gingerbread camera app source code.
  • rearview camera
    Rearview camera implemented as an Android app with OpenXC.
  • Remote Camera
    Remotely control the camera of an Android device from the PC.
  • ShotQuote
    With your Android phone, Shot by camera and Post it to Tumblr.
  • ShowMeHills
    Android augmented reality application which overlays mountain peak names over a camera view.
  • Simple Android OCR
    A simple Android OCR application that makes use of the Camera app.
  • Simple Camera
    A simple Android camera application.
  • Simple Camera App
    A very simple android application that dumps the camera stream in a file.
  • spydroid ipcamera
    A powerful and funny android app. that streams the camera and microphone of your phone to your browser or to VLC.
  • StickierQR
    Android app that displays a stream of information related to the QR-Code sticker your camera sees. (Specifically created for Polytechnic University of Bucharest).
  • Super Wifi Cam
    Live camera data streaming application for android.
  • SydneyTraffic Cameras
    simple android app for retrieving camera feeds from RTA cameras in Sydney.
  • TriChromat
    Android colorblind assistance camera filter.
  • v.g.
    Visual Glitch on Android camera.
  • warai otoko camera
    Android application to detect face and draw warai-otoko.
  • WSCamera for Android
    WebSocket Camera Server for Android. support Web Intents Addendum(UPnP adaptation).
  • YUV to RGB in Android NDK
    This Android project is used to convert camera YUV byte data in to RGB data (can be used in augmented reality) in android NDK.

DevOps para aplicativos móveis desafios e melhores práticas

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As 10 melhores práticas do DevOps para a empresa móvel

DevOps está rapidamente se tornando um novo padrão para desenvolvimento e entrega de aplicativos corporativos, mas DevOps para aplicativo móvel é uma espécie diferente. Ou não? Os líderes de opinião sobre IBM MobileFirst e DevOps Leigh Williamson e Sanjeev Sharma explicam por que o DevOps deve incluir aplicativos móveis como cidadãos de primeira classe. Eles compartilham 10 melhores práticas usadas pelas equipes de desenvolvimento e Parceiros de Negócios da IBM para integrar continuamente aplicativos da web e móveis em um fluxo de trabalho de gerenciamento de ciclo de vida colaborativo.

Leigh Williamson, IBM Distinguished Engineer, IBM

Sanjeev Sharma, Executive IT Specialist, IBM

13/Mai/2014

Nos últimos cinco anos, muitos segmentos de mercado lutaram para adaptarem-se à grande mudança de comportamento de usuários de aplicativos de negócio com a adoção, por milhões de pessoas no mundo todo, de dispositivos móveis como o principal meio de acessar a Internet. Essa mudança crucial no comportamento do usuário é uma forte motivação para as empresas desenvolverem canais móveis para aplicativos de negócio existentes e para planejar novos tipos de aplicativos que possam usar as características exclusivas dos dispositivos móveis. Como ocorre com todas as grandes revoluções no segmento de mercado de TI, os primeiros anos dessa mudança viram uma atividade frenética para atender à demanda e criar presença de mercado sem considerar questões mais estratégicas, como custos de desenvolvimento, capacidade de manutenção, qualidade e segurança do aplicativo. Conforme o mercado de aplicativos móveis amadurece, e a corrida inicial ao mercado se estabiliza, agora é possível enfatizar essas questões de desenvolvimento de software mais abrangentes.

Neste artigo, discutimos os desafios de integrar aplicativos móveis na empresa e apresentamos 10 melhores práticas para DevOps móvel. Começamos com uma visão geral de DevOps e explicamos alguns dos desafios específicos — e a necessidade — de integrar aplicativos corporativos móveis em uma oficina de DevOps. A seguir, apresentamos 10 melhores práticas para implementar DevOps em um fluxo de trabalho que una integração contínua, teste e monitoramento de aplicativo e entrega de aplicativo móvel.

O que é DevOps?

DevOps não é uma técnica nem um processo, mas uma abordagem para habilitar a entrega contínua de aplicativo da concepção à produção. Antes do surgimento do DevOps, o padrão para organizações corporativas era manter equipes separadas de desenvolvimento e operações. A falta de comunicação e colaboração entre as equipes era, de muitas formas, um desafio ao crescimento e à inovação na empresa. A separação do desenvolvimento e das operações era problemática para empresas que adotavam desenvolvimento agile, uma vez que usar metodologias agile aumentava muitas vezes o número de novas construções de aplicativo para desenvolver, testar e implementar. Em vez de entregar uma nova criação à equipe de operações em uma frequência regular, os desenvolvedores podiam produzir criações em algumas horas e entregar candidatos a release a frequências muito maiores.

O movimento DevOps iniciou com as equipes de desenvolvimento e operações que se uniram para abordar com mais eficiência os desafios da entrega contínua de aplicativo. Um objetivo inicial era “mudar para a esquerda” as responsabilidades das operações, envolvendo as operações muito mais cedo no ciclo de vida de entrega de software. A seguir, os desenvolvedores foram incentivados a codificar aplicativos com preocupações operacionais em mente desde o início. De fato, DevOps coordena os conjuntos de interesses e conhecimento de desenvolvedores e gerentes de operações usando os princípios de desenvolvimento enxuto para que o processo de integração e entrega contínuas seja mais eficiente.

A IBM assume uma visão holística de DevOps, definindo-o como a capacidade corporativa de entrega contínua de software, que permite que os clientes aproveitem as oportunidades de mercado e reduz o tempo para obter o feedback do cliente.

O principal termo nessa definição é entrega contínua. Entrega contínua significa implementar software e o ambiente no qual ele executa, automaticamente e on demand, em qualquer estágio do ciclo de vida de entrega de software. Em entrega contínua, é possível implementar qualquer coisa: — de simples alterações de configuração até alterações de código incrementais e alterações ao esquema do banco de dados, ao ambiente ou a toda a pilha.

DevOps para aplicativos móveis

DevOps emprega os mesmos princípios básicos, esteja você codificando aplicativos da web corporativos ou aplicativos móveis. Inclua a equipe de desenvolvimento móvel ao adotar DevOps para a empresa, mesmo que a equipe móvel seja uma pequena parte da sua empresa ou siga um processo de desenvolvimento de software diferente. Isso é especialmente verdadeiro ao desenvolver aplicativos móveis como um frontend a aplicativos e serviços corporativos existentes. Também é verdadeiro tanto para aplicativos voltados ao consumidor ou feitos para uso interno.

Aplicativos móveis que interagem diretamente com aplicativos e serviços corporativos precisam ser cidadãos de primeira classe no ciclo de vida do DevOps. Conforme novos recursos são adicionados ao aplicativo ou serviço corporativo, as equipes podem integrá-los continuamente ao aplicativo móvel.

O desafio do DevOps móvel

Embora os princípios básicos do DevOps sejam os mesmos para aplicativos corporativos e móveis, os aplicativos móveis apresentam desafios específicos ao DevOps. Esses desafios incluem:

  1. Suporte a várias plataformas
    Aplicativos móveis não têm um único objetivo ambiente. A maioria dos aplicativos móveis é voltada para vários dispositivos, o que significa lidar com diversos aspectos técnicos, versões de sistema operacional e formatos. O Android é conhecido pela sua fragmentação, uma vez que cada fornecedor de dispositivo bifurcou o sistema operacional para seus próprios dispositivos (exemplos incluem Android para Nexus, Android para Kindle Fire e Android para Nook). Concorrentes mais novos, como BlackBerry 10, Windows® Phone 8, Ubuntu e Firefox agora estão fragmentando ainda mais o mercado de Android. Da mesma forma, o iOS, que antes era muito padronizado, hoje possui diversas variantes. Um aplicativo para iOS precisa ter suporte para diferentes versões do sistema: o formato para iPhone 4S e inferiores, o formato para iPhone 5 e os formatos para iPad e iPad mini.
  2. Aplicativos móveis como um frontend corporativo
    Aplicativos móveis, especialmente business-to-consumer (B2C) corporativos ou business-to-employee (B2E), geralmente têm pouca lógica de negócios no dispositivo móvel em si. Em vez disso, um aplicativo móvel business-to-consumer ou business-to-employee atua como um frontend para um ou mais aplicativos corporativos já em uso pela empresa, como sistemas de processamento de transações, sistemas de recursos humanos de funcionários ou sistemas de aquisição do cliente. A Figura 1 destaca um aplicativo desse tipo com lógica de negócios limitada no aplicativo em si.

    Figura 1. Arquitetura de um aplicativo móvel do LinkedIn

    A diagram of the architecture of a LinkedIn mobile appFonte:Blog LinkedIn Engineering

    O aplicativo móvel do LinkedIn é, na verdade, um frontend à Plataforma LinkedIn de backend, que contém os aplicativos ou serviços de Profile, Connections e Groups do LinkedIn. O aplicativo móvel, que é entregue a várias plataformas como um aplicativo nativo ou híbrido, precisa ser desenvolvimento e entregue junto com os serviços da Plataforma LinkedIn de backend. Para DevOps, o desafio é vincular de maneira holística todos os aplicativos na empresa e coordenar seus processos e ciclos de criação e release.

  3. Integração contínua e entrega contínuaDevido à forte motivação de negócios para entregar aplicativos móveis ao mercado rapidamente, os projetos de desenvolvimento móvel geralmente assumem prazos muito agressivos. É comum que um período que inclua da concepção à entrega dure alguns meses, ou mesmo semanas. A pressão para entregar aplicativos móveis rapidamente resulta na adoção de métodos de desenvolvimento agile para projetos móveis mais bem-sucedidos.

    Integração e entrega contínuas são elementos importantes de praticamente todos os projetos agile. Alterações ao aplicativo entregues por desenvolvedores precisam ser processadas imediatamente para todos os sistemas operacionais móveis almejados. Se o aplicativo móvel for uma implementação híbrida ou nativa, várias construções diferentes do aplicativo precisam ser acionadas sempre que um conjunto de alterações para o aplicativo for entregue por um desenvolvedor. A instalação e a configuração do desenvolvimento para cada ambiente móvel com suporte são diferentes umas das outras. Provavelmente será necessário fornecer e disponibilizar um farm pequeno de servidores de desenvolvimento para manipular essas várias construções de sistema operacional.

  4. A loja de aplicativosNa maioria dos casos, um aplicativo móvel não pode ser implementado diretamente em um dispositivo. Ele precisa passar por uma loja de aplicativos. A Apple começou a usar esse modelo de distribuição de aplicativos e bloqueou seus dispositivos para evitar a instalação direta de aplicativos por fornecedores ou desenvolvedores. Fabricantes de dispositivos, como a RIM, fizeram o mesmo.

    A loja de aplicativos adiciona uma etapa assíncrona adicional ao processo de implementação, pois os desenvolvedores não podem implementar atualizações de aplicativo on demand. Mesmo para correções de erro cruciais, novas versões de aplicativo passam por um processo de envio e análise da loja de aplicativos. A entrega contínua se torna “enviar e esperar”.

  5. Implementação por “pull”, não “push”A maioria das implementações tradicionais opera em um modelo “push”, através do qual as operações podem enviar por push uma nova versão de um aplicativo on demand, seja um aplicativo da web ou outro aplicativo baseado em servidor. O processo para atualizar aplicativos móveis é um processo “pull”, porém, na maioria dos casos, os usuários devem eles mesmos escolher atualizar os aplicativos. Os desenvolvedores de aplicativos móveis têm pouco controle sobre a versão do aplicativo que um usuário estabelecido mantém em seu dispositivo. De uma perspectiva do DevOps, isso significa que os serviços de backend implementados com que um aplicativo interage devem fornecer suporte contínuo para releases anteriores do aplicativo móvel.
  6. Para aplicativos do consumidor, falhar não é uma opçãoNada é mais prejudicial a uma marca que um aplicativo com uma classificação de uma estrela, especialmente quando essa classificação é transmitida por meio de uma loja de aplicativos. Usuários de aplicativos móveis consumidores insatisfeitos podem se tornar públicos e visíveis rapidamente, não importa se o aplicativo é comprado ou gratuito. Embora as reclamações sobre problemas com um website sejam comunicadas à central de suporte técnico, as reclamações sobre aplicativos móveis são transmitidas via loja de aplicativos para todos verem. Aplicativos móveis devem passar por amplos testes funcionais, de usabilidade e desempenho para garantir sua qualidade.

As 10 melhores práticas para DevOps móvel

Com base nos desafios específicos de aplicativos móveis, recomendamos 10 melhores práticas de DevOps para aplicativos móveis. Essas práticas se enquadram em três categorias amplas de capacidades, ou seja:

  1. Integração contínua e entrega contínua
  2. Teste e monitoramento
  3. Entrega de aplicativo móvel

O objetivo é usar as 10 melhores práticas para criar um pipeline de entrega que habilite essas três capacidades, ao mesmo tempo que abordam os desafios específicos dos aplicativos móveis.

DevOps na filosofia e na prática

Um pipeline de entrega do DevOps implementa o lado técnico dele, mas também é importante abordar as dimensões humana e cultural do movimento do DevOps. As melhores práticas nesta seção têm como objetivo garantir que as empresas incluam desenvolvimento móvel e equipes de QA como cidadãos de primeira classe na comunidade do DevOps. Uma filosofia holística do DevOps deve considerar as necessidades e as preocupações das equipes de desenvolvimento de aplicativo móvel que trabalham junto com as que desenvolvem aplicativos e serviços da web corporativos.

Integração contínua e entrega contínua

  1. Garantir rastreabilidade de ponta a ponta em todos os ativosO valor da rastreabilidade em todos os ativos de desenvolvimento e QA não é mais assunto de debate. Uma equipe de desenvolvimento de aplicativo móvel deve garantir a rastreabilidade de ponta a ponta de todos os ativos de desenvolvimento, — como código, configurações, scripts, infraestrutura como código, scripts de teste, documentos de design. Também é fundamental que a rastreabilidade não esteja limitada a ativos de desenvolvimento móvel. Ela deve se estender para aplicativos e serviços corporativos com que os aplicativos móveis se integrem, aos quais se conectem ou que acessem.
  2. Integração contínua práticaPráticas de desenvolvimento agile defendem a integração contínua, o que significa executar construções frequentes e integrar continuamente novo código ao que já desenvolvido por outras equipes — tanto móveis quanto corporativas. A integração contínua garante que o código entregue por uma equipe de desenvolvimento funcione com código e módulos entregues por outras equipes de desenvolvimento. A integração geralmente é realizada continuamente para aplicativos móveis. Também deve ser realizada periodicamente com os componentes do lado do servidor não móveis que compreendem o backend acessado pelo aplicativo móvel em desenvolvimento.

    Para aplicativos móveis, as equipes de desenvolvimento compartilham servidores de criação e integração centrais para o código do aplicativo móvel que atende todas as plataformas móveis almejadas. Automatizar o processo de criação e desenvolvimento garante desenvolvimentos de integração contínua rápidos e confiáveis, realizados em servidores de criação, ou server farms, para todas as plataformas com suporte.

  3. Mantenha áreas de desenvolvimento e integração separadas para cada versão do SDK do sistema operacional móvel com suporte.
    A fragmentação no espaço do dispositivo móvel vai além de apenas os quatro sistemas operacionais móveis principais de iOS, Android, Blackberry e Windows Phone. Cada um desses sistemas operacionais também é fragmentado internamente. A Apple bifurcou seu próprio iOS para dar suporte ao iPad. O Android possui variantes para quase cada dispositivo. O BlackBerry 10 da RIM é um novo sistema operacional com relação limitada com o sistema operacional legado do BlackBerry. O Windows Phone 8 é uma grande reformulação de versões anteriores do Windows Phone. Diversas plataformas móveis novas estão surgindo também, incluindo de Ubuntu e Firefox. Como resultado, os desenvolvedores de aplicativos móveis devem escrever diversas variantes de aplicativos para dar suporte a cada plataforma almejada e suas variantes, mesmo que sejam voltados apenas para uma plataforma. Todo aplicativo móvel requer diversas versões do SDK.

    Para garantir a separação de código e das capacidades específicas para cada plataforma almejada, os desenvolvedores devem manter “fluxos” de desenvolvimento separados para cada versão específica da plataforma de um aplicativo móvel. Essa divisão requer manter áreas de integração e criação separadas para cada plataforma almejada. Se fosse um aplicativo para Android, os desenvolvedores precisariam ter fluxos separados para Kindle Fire, Nook HD, Nexus e outros sistemas operacionais.

  4. Usar scripts de desenvolvimento e implementação automatizadosDesenvolvedores móveis estão acostumados a usar um IDE para executar criações manualmente. Eles costumam executar desenvolvimentos manualmente e, em alguns casos, para diferentes plataformas almejadas. Conforme a complexidade e o número de construções aumentam, os desenvolvedores podem configurar construções automatizadas usando scripts para executar as construções conforme o necessário em servidores de criação separados. Eles gerenciam scripts de criação e atribuem versões do mesmo modo que código, garantindo que cada criação possa ser reproduzida a qualquer hora e por qualquer membro da equipe.

Teste e monitoramento

  1. Teste cada criação por completo com o máximo de automação possível em dispositivos físicos ou simuladosAutomação de teste é uma área em que o desenvolvimento de aplicativo móvel ficou para trás em comparação a aplicativos corporativos. A maioria dos desenvolvedores móveis testa amplamente em um simulador, mas não em dispositivos físicos. Até mesmo testar em um simulador é principalmente um processo manual. Por causa da velocidade do desenvolvimento e da natureza agile inerente do desenvolvimento móvel, o teste de regressão funcional automatizado é a única maneira real de garantir a qualidade. Dada a variedade de plataformas e formatos com suporte, não é possível realizar testes manuais suficientes. Além disso, para aplicativos corporativos, sejam para o cliente ou para funcionários, baixa qualidade não é aceitável.

    Teste todos os aplicativos com ferramentas de teste automatizadas, em simuladores fornecidos pelos SDKs, e todos os dispositivos físicos reais com suporte.

  2. Virtualize e simule serviços de backend que não estejam disponíveis durante o teste de aplicativo móvelAplicativos móveis seguem um rápido processo de desenvolvimento, o que pode resultar em muito mais liberações em comparação a aplicativos e serviços corporativos de backend. Esse rápido desenvolvimento pode manter os aplicativos móveis tecnicamente à frente da curva de aplicativos corporativos, o que significa que eles possuem recursos mais novos que ainda não têm suporte em aplicativos e serviços corporativos de backend. Mesmo quando serviços de backend estão disponíveis, eles podem custar dinheiro ou recursos para serem testados. Por exemplo, serviços SaaS normalmente têm um custo de pagamento por uso, mesmo para teste. De modo similar, serviços hospedados em System z (mainframe) custam MIPS. As equipes de desenvolvimento podem solucionar esse problema virtualizando (simulando) serviços de backend. Todo o ecossistema de aplicativos, serviços e origens de dados com que o aplicativo móvel precisa interagir pode ser disponibilizado como instância virtual, simulando o comportamento dos recursos reais com que o aplicativo móvel precisa interagir. Essa organização permite rápido teste do aplicativo móvel e suas interações. Isso também economiza recursos de hardware que seriam necessários para executar instâncias reais desses serviços e aplicativos.
  3. Monitorar o desempenho dos serviços de backend e dos aplicativos móveis implementadosO maior desafio para desenvolvedores de aplicativos móveis é um aplicativo que tenha um bom desempenho tanto no ambiente de teste, mas falha no mundo real. Condições de rede não confiáveis, baixa memória e potência e perda de dados são algumas das causas subjacentes de mau desempenho do aplicativo móvel. Nem todas essas condições podem ser previstas e testadas no laboratório, de modo que é imperativo que os desenvolvedores habilitem monitoramento de desempenho de contínuo conforme os aplicativos são usados. Esse monitoramento deve ser feito na extremidade do aplicativo ou do servidor da pilha do aplicativo com que o aplicativo interage.

    A falha de desempenho definitiva é quando o aplicativo para de executar nas mãos do usuário em campo. Adicionar lógica ao aplicativo que capture informações de contexto “must gather” no caso de falha, como dados de local e características do dispositivo, fornece ao desenvolvedor dados suficientes para descobrir a causa raiz da falha e corrigi-la. Lógica de análise e captura de travamento integradas são componentes essenciais dos aplicativos móveis.

Entrega de aplicativo móvel

  1. Empregue governança centralizada para perfis, certificados e chaves de API de fornecimento móvelSe para enviar um aplicativo a uma loja de aplicativos ou usar uma API fornecida por um aplicativo interno ou externo, um desenvolvedor ou corporação identifica a autenticidade e a propriedade de um aplicativo por meio de uma chave de perfil ou fornecimento emitida pelo fornecedor. Essas chaves atuam como a aprovação de autorização para a loja ou API. Geralmente, desenvolvedores individuais recebem as próprias chaves que usam para fins de desenvolvimento. Mas para a liberação do aplicativo final, remova todas as chaves pessoais e substitua-as pelas chaves corporativas oficiais. Proteja as chaves e os perfis corporativos. Eles devem ser usados apenas para liberações de aplicativo oficiais. Processos de governança de móveis devem ser bem definidos e controlados. Acima de tudo, acesso restrito a chaves corporativas. A autorização é uma questão tanto de segurança quanto de privacidade que requer governança estrita.
  2. Use uma loja de aplicativo virtual para testar a implementação do dispositivoUm aplicativo móvel somente pode ser fornecido a um dispositivo móvel por meio de uma loja de aplicativos do fornecedor. Geralmente, o aplicativo passa por um processo de aprovação manual antes de entrar na loja de aplicativos. Uma vez que estiver na loja, o usuário precisa “comprar” o aplicativo, que então é enviado por push ao seu dispositivo. Para testar todo esse processo, as equipes de desenvolvimento podem usar uma “loja de aplicativo de desenvolvimento privada”. Essas lojas de aplicativos virtuais (veja os Recursos ) simulam o comportamento de uma loja de aplicativo real, permitindo aos desenvolvedores efetivamente testar o processo de enviar um aplicativo e fornecê-lo a um dispositivo.
  3. Converter feedback do usuário em solicitações de aprimoramento e histórias do usuárioAplicativos móveis têm um mecanismo de feedback exclusivo via lojas de aplicativos que permite aos usuários classificar e fornecer feedback por escrito sobre eles. Um aplicativo bem aceito provavelmente receberá uma classificação de quatro ou cinco estrelas. Um aplicativo menos popular costuma receber uma classificação de uma ou duas estrelas, possivelmente acompanhada por um feedback negativo. O ciclo de feedback para aplicativos móveis não está disponível como um mecanismo centralizado formal para nenhuma outra plataforma. Os desenvolvedores costumam descobrir problemas com aplicativos de desktop apenas se um usuário telefonar para o suporte técnico ou deixar um comentário em um fórum monitorado pelos desenvolvedores. As equipes de desenvolvimento móvel devem monitorar de perto os feedbacks e classificações na loja de aplicativos e incorporar feedback em histórias de usuário, aprimoramentos e melhorias de s software futuros. É fundamental obter o máximo desse feedback de valor para melhorar continuamente os aplicativos móveis.

Conclusão

Não existe DevOps separado para aplicativos móveis. DevOps é uma abordagem que funciona para todos os aplicativos e componentes — de aplicativos móveis de frontend a middleware, componentes do servidor de backend e armazenamentos de dados. Aplique as práticas e os princípios de DevOps em todas as equipes de desenvolvimento e operações na empresa para habilitar a entrega contínua de todos esses componentes.

Aplicativos móveis têm necessidades e desafios específicos que devem ser abordados. Nossas 10 melhores práticas de DevOps para aplicativos móveis abordam essas necessidades específicas de aplicativos móveis. O objetivo dessas melhores práticas é alinhar o desenvolvimento, a garantia de qualidade e as práticas operacionais de aplicativo móvel com aplicativos corporativos padrão. Essas melhores práticas permitem que as empresas adotem o DevOps em todas as equipes de desenvolvimento móvel, entreguem aplicativos móveis de maior qualidade e habilitem melhoria contínua e inovação.

Recursos

Aprender

Obter produtos e tecnologias

  • IBM Rational Test Workbench: experimente uma solução abrangente de automação de teste para aplicativos móveis, teste de regressão, tecnologias de integração e teste de desempenho e escalabilidade.
  • Rational Test Virtualization Server: habilite a implementação de serviços, software e aplicativos virtualizados para testes simplificados e eficientes.
  • IBM UrbanCode Release: faça o download de software para planejar, executar e rastrear um release em todos os estágios do modelo de ciclo de vida.
  • IBM Mobile Quality Assurance: entregue continuamente aplicativos móveis de alta qualidade.
  • IBM UrbanCode Deploy: organize e automatize a implementação de aplicativos, configurações de middleware e alterações de banco de dados em ambientes de desenvolvimento, teste e produção.
  • IBM Rational Test Virtualization Server: elimine as dependências de teste de aplicativo e reduza o tempo de configuração e os custos de infraestrutura.
  • Worklight Developer Edition: desenvolva, execute e gerencie aplicativos móveis HTML5, híbridos e nativos com esta plataforma aberta e abrangente para desenvolvimento de aplicativos.
  • Solução IBM Rational para Collaborative Lifecycle Management: melhore a produtividade da sua equipe com capacidades de gerenciamento de ciclo de vida do aplicativo (ALM) integradas.

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Social venture capital

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From Wikipedia, the free encyclopedia
  (Redirected from Social Venture Capital)

Social venture capital is a form of investment funding that is usually funded by a group of social venture capitalists[1] or an impact investor[2] to provide seed-funding investment, usually in a for-profit social enterprise, in return to achieve a reasonable gain in financial return while delivering social impact to the world.[3] It deviates from the traditional venture capital model, which focuses on simple risk and reward. However, there are various organizations, such as venture philanthropy companies and nonprofit organizations, that deploy a simple venture capital strategy model to fund nonprofit events, social enterprises, or activities that deliver a high social impact or a strong social causes for their existence. There are also regionally focused organizations (both for-profit and nonprofit) that target a specific region of the world, to help build and support the local community in a social cause.[4]

Investment Criteria[edit]

Apart from the traditional venture capitalists focusing on just the financial profit, social venture capitalists believe in achieving financial success through social impact to the world.[5] Beside, those Venture philanthropy funds such as Venture Philanthropy Partners initiate investment in a high-performing nonprofit organization,[6] the following criteria that social venture capitalists generally assess on social venture companies for funding:[7]

  • Strong Social Impact
  • Financial capacity
  • Scalability
  • Best-Practice
  • Criteria of exclusion

Types of Funding & Growth Support[edit]

For-Profit Funding & Growth Support[edit]

Social Venture Accelerators[edit]

Social Venture Accelerators is a form of Seed accelerators that fixed termed, cohort-based entrepreneurial development programs designed to transform validated idea of the social startups companies to seed funding. Hence, increase the outcomes for sustainability and growth of startup companies that have potential to scale(usually tech-based companies). Such programs allows startup companies to gain exclusive visibility to early stage investors and other resources such as providing initial investment, technical facilities/development, to office accommodation and under the guidance of experienced mentors, all of which in return of a minor share in the invested startups companies,[8]or under grant funding to support participating companies.[9] Seed Accelerator companies will assess based on startup companies’ business model and ensure market/customer sector validated, to develop a commercial validity of the social startup companies to investment ready and prepare to scale their impact.[10]

Social Incubators[edit]

Business Incubator usually provides business with facilities and funding with the help of external management team to manage an idea that was developed internally. Given the intense efforts involved, the incubator period usually lasted longer the Seed Accelerator, and takes up a much larger amount of equity than Seed Accelerator as well.[11]

Social Incubator Fund[edit]

As part of effort of UK Government to support social ventures from a grassroots level to deliver positive social and environment impact, a £10 million Social Incubator Fund, which was launched on 24 July by Minister for Civil Society, Nick Hurd. The fund run by Big Lottery Fund will increase the amount of money available at the early stages of projects where the financial return is too low [12] while Big Society Capital invests social investment intermediaries that carries higher financial risk.[13] However, such funds doesn’t indicate free funding, as incubators such as Social Incubators North, a social business incubator[14] provided a repayment interest free loan of £25k to successful applicant. On the other hand, newly launched Non-For-Profit incubator Halcyon Incubator targeting on the social impact that the social ventures deliver, does not require equity in the fellow’s venture, but only a commitment to growing ideas to achieve social change.[15][16]

Non-Profit Oriented Funding and Support[edit]

Venture Philanthropy deploy simple venture capital strategy model to fund non-profits events/social enterprises/activities that deliver high social impact or a strong social causes for its existence. Organization such as Amanter Social Venture providing such services focusing on social principles as main assessment criteria and running programs to help existing social organization/enterprise through capacity building and executive training. Hence, to deliver a multiplier effect to next beneficiary organizations.[17] The classic example of Benetech, a non-profit organization,show that the proceeds gain was being used to create a handful of new social enterprise patterned.[18]

Regionally-focused organizations such as Venture Philanthropy Partners (VPP), the European Venture Philanthropy Association (EVPA) and the Asian Venture Philanthropy Network (AVPN), are associations that covers venture philanthropy funds targeting certain regions such as the National Capital Region in the US, Europe and Asia that finance charities, revenue generating social enterprises and socially driven business.[19]

Forms of Social Ventures Funding[edit]

Social Ventures unusually faces ranges of funding options not limited to the common ones such as debt capital with participation rights, mezzanine financing (quasi equity) or license fees.[20]

Debt Capital + Mezzanine Capital[edit]

Common forms of funding such as Debt Capital + Capital. Such funds supports the social ventures with invested capital that must be repaid either in short or long period of time, in additional with an agreement amount of interests. These raised capitals are usually secured with the assets of the company, by the lenders from banks and venture capital companies.[21] In other words, if the company failed to repay their debt capitals, would results their ownership and equity interest to be liquidized. Noted, that mezzanine financing usually blinded with a high returns of 20% to 30%.[22]

Equity investments[edit]

Social venture capital companies will usually make equity investment and co-investments, when an anticipated exit strategy of the company is foreseeable.[23] Such investment are made through preferred shares which commonly entitled the lenders a fixed dividend that takes priority over that of ordinary share dividends, usually without voting rights.[24]

Investment Approach[edit]

To effectively maximize the fund’s capital to deliver social impact, Social Venture Companies attracted to successful financing social enterprises that shows growth and financial sustainability, usually when anticipated exit strategy of the company is foreseeable,[25] especially for young venture capital firms to minimize their exit from the invested companies, to maximize the opportunity of future fund raising, especially, when prospect of exits beyond the 7 year periods decreases for companies going for Initial public offering (IPO) and merger and acquisition.[26]

Investor Tax Relief Scheme[edit]

Venture Capital Scheme[edit]

Enterprise Investment Scheme (EIS)[edit]

The Enterprise Investment Scheme is a tax advantaged scheme designed to help companies that at their early growth stage to raise equity finance from investors. Through this scheme, qualifying investors are able to claim income tax relief of 30%, plus exemption from capital gains tax when enterprise investment scheme shares are disposed of.[27]

Seed Enterprise Investment Scheme (SEIS)[edit]

The Seed Enterprise Investment Scheme is a tax advantaged scheme designed to encourage investment from investor in higher-risk small companies that are in their early growth stage to raise equity finance. With contrast the existing Enterprise Investment Scheme (EIS), the SEIS allows qualifying investors can claim income tax relief of 50%, plus capital gains tax relief.[28]

Venture Capital Trust (VCT)[edit]

The Venture Capital Trust Scheme is a tax advantaged scheme designed for a HMRC-Approved VCT company to chip in for shares in, lends money to small unquoted companies. Under scheme, the VCT companies itself exempt from CT on chargeable gains and their investors can claim income tax relief on subscriptions of up to £200,000.[29]

Social investment Tax Relief[edit]

Social investment tax relief scheme is designed to encourage more social investments from investors to support social enterprise by introducing a range of tax relief schemes such as Income Tax relief, capital gains hold-over relief and capital gains disposal relief. SITR covers investments made on or after 6 April 2014.[30]

Income Tax Relief[edit]

Investors(need not to be UK resident) who subscribed to qualifying shares or make qualifying debt investments in the social enterprise that meet SITR requirement, are able to calm at 30% of the amount they invested, to a maximum investment of £1,000,000 up to 5 years after the 31 January following the tax year in which the investment was made.[31]

Capital Gains Hold-Over Relief[edit]

Investors are able to defer the payment of tax on a capital gain of any kind of disposed asset, when the capital gains are reinvested in the share or debt investment which qualify for SITR Income Tax Relief. However, it must arise in the period from 6 April 2014 to 5 April 2019. The SITR qualifying investment must be made in the period one year before or three years after the gain arose.[32]

Capital Gains Disposal Relief[edit]

Any gain on the investment that is disposed after it has been held for at least three years, are free from Capital Gain Tax, in additional to the Income Tax Relief coverage on the cost of the investment. .[33]

Alternatives Funding[edit]

Business Angels/Angel Finance[edit]

Business angels are usually a group/single individual investors with a high-net-worth pool of investments looking for opportunities to invest in an enterprise, to achieve a reasonable amount on return of investment. As business angel funding involves investors injecting funds into a startup/private company in return for a share in its ownership, businesses that operate as sole traders or partnerships are usually not eligible for such financing.[34]

Crowdsourcing[edit]

Crowdsourcing is a practice of funding a project or venture by raising monetary contributions from a large number of people, typically via the internet.For-profit fundraising companies using strategies such to charge a premium on “keep what you raise” model or a minor charges on an “all-or-nothing funding approach” [35] However, particularly for Social Crowdsourcing, non-profit organization such as razoo to help social enterprise or non-profit, student organization to raise fund for event or charitable causes.[36]

A List of Social Venture Capital Firms[edit]

  • Renewal2

Renewal is an investment funds that primarily focus in the region of British Columbia. They have built up a strong base in the region that enable them to leverage from their resources and extend their influences to carry their mission to foster social change[37]

Acumen Fund is non-profit that raises charitable donations to invest in companies, leaders, and ideas in one of their investment sectors of Agriculture, Education, Energy, Health, Housing, or Water, that are changing the way the world tackles poverty.[38]

  • AgDevCo

AgDevCo is a project developer in agribusiness; incorporated as non-for-profit distribution, limited company in the UK. They invest in patient capital into early stage agribusiness in Africa and connect them to market.[39]

Unitus Seed Fund is a seed-stage investment fund based in Bangalore and Seattle. They support the startups with funds, connections to external opportunities, mentoring and poised them in securing future growth capital.[40]

Grassroots Business Fund is an investment company that use private investment funds to support non-profit organization in the low income communities.[41]

Triodos Bank is a world-leading sustainable bank that fund that promote sustainable development to positive social, environmental and cultural change through their innovative financial products and high quality service.[42]

Aavishkaar aims to create economic development by supporting entrepreneurial spirit at the base of the economic spectrum, that often overlooked by financiers due to their small economic of scale and high level of risk incurred.[43]

Omidyar Network is an investment funds that believe that, with given opportunity to the capable people, they create positive return to the world. Omidyar focused on 5 keys areas for their investment: Consumer Internet and Mobile, Education, Financial Inclusion, Government Transparency, and Property Rights.[44]

Shell Foundation is an independent charity established by the Shell Group in 2000. They helps to tackle some of the social and environmental issue that related to the energy sector through application of the business foundation. Leverage on the existing skills and network of Shell Group to deliver greater development impact.[45]

  • City Light Capital

City Light Capital is a venture capital fund specialising in early stage startups working in the education, environmental and security sectors who are dedicated to making an impact as well as a profit. [46]

See also[edit]

References[edit]

  1. Jump up^ Investopedia. Venture Capitalist Definition | Investopedia [Internet]. 2009 [cited 27 October 2014]. Available from: http://www.investopedia.com/terms/v/venturecapitalist.asp
  2. Jump up^ Thegiin.org. Global Impact Investing Network [Internet]. 2014 [cited 27 October 2014]. Available from: http://www.thegiin.org/cgi-bin/iowa/resources/about/index.html
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  5. Jump up^ http://causecapitalism.com/15-social-venture-capital-firms-that-you-should-know-about/
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  11. Jump up^ Inc.com. Accelerator vs. Incubator: What’s the Difference? [Internet]. 2014 [cited 29 October 2014]. Available from: http://www.inc.com/christina-desmarais/difference-between-startup-accelerator-and-incubator.html
  12. Jump up^ Gov.uk. Social Incubator Fund – Growing the social investment market – Policies – GOV.UK [Internet]. 2013 [cited 26 October 2014]. Available from:https://www.gov.uk/government/policies/growing-the-social-investment-market/supporting-pages/social-incubator-fund
  13. Jump up^ Gov.uk. Social Incubator Fund – Growing the social investment market – Policies – GOV.UK [Internet]. 2013 [cited 26 October 2014]. Available from:https://www.gov.uk/government/policies/growing-the-social-investment-market/supporting-pages/social-incubator-fund
  14. Jump up^ Socialincubatornorth.org.uk. Social Incubator North | Helping Businesses Grow [Internet]. 2014 [cited 26 October 2014]. Available from: http://socialincubatornorth.org.uk/
  15. Jump up^ Slade H. New Incubator Aimed At Social Entrepreneurs Launches In Washington D.C. Forbes News [Internet]. 2014 [cited 26 October 2014];:Single Page. Available from:http://www.forbes.com/sites/hollieslade/2014/03/24/new-incubator-aimed-at-social-entrepreneurs-launches-in-washington-d-c/
  16. Jump up^ Halcyonincubator.org. Halcyon Incubator [Internet]. 2014 [cited 26 October 2014]. Available from: http://halcyonincubator.org/
  17. Jump up^ Amanter Social Ventures. Amanter Social Ventures [Internet]. 2014 [cited 27 October 2014]. Available from: http://www.amanter.org/#!venture-philanthropy-partners/czlj
  18. Jump up^ Alter K, Shoemaker P, Tuan M, Emerson J. When is it Time to Say Goodbye? Exit Strategies and Venture Philanthropy Funds [Internet]. 1st ed. United States of America: Virtue Ventures, Social Venture Partners and The Roberts Foundation; 2014 [cited 27 October 2014]. Available from: http://www.virtueventures.com/files/exitstrategy.pdf
  19. Jump up^ Nvca.org. Venture Capital & Social Entrepreneurship [Internet]. 2014 [cited 27 October 2014]. Available from: http://www.nvca.org/index.php?option=com_content&view=article&id=104:venture-philanthrophy&catid=48:membership&Itemid=171
  20. Jump up^ info@socialventure.de S. Forms of funding [Internet]. Socialventurefund.com. 2014 [cited 25 October 2014]. Available from:http://www.socialventurefund.com/eng/social_venture_fund/forms_of_funding
  21. Jump up^ Articles.elitemanda.com. M&A Advisor [Internet]. 2014 [cited 25 October 2014]. Available from: http://articles.elitemanda.com/Financing_Options_For_Mid_Market_Companies.htm
  22. Jump up^ Investopedia. Mezzanine Financing Definition | Investopedia [Internet]. 2009 [cited 25 October 2014]. Available from: http://www.investopedia.com/terms/m/mezzaninefinancing.asp
  23. Jump up^ http://www.socialventurefund.com/eng/social_venture_fund/forms_of_funding/
  24. Jump up^ Investopedia. Preference Shares Definition | Investopedia [Internet]. 2010 [cited 25 October 2014]. Available from: http://www.investopedia.com/terms/p/preference-shares.asp
  25. Jump up^ Socialventurefund.com. Investment Approach [Internet]. 2014 [cited 25 October 2014]. Available from: http://www.socialventurefund.com/eng/social_venture_fund/investment_approach/
  26. Jump up^ Espenlaub, Susanne; Khurshed, Arif; Mohamed, Abdulkadir (2011). “1” (PDF). Manchester. p. 4.
  27. Jump up^ Enterprise Investment Scheme (EIS) Guidance [Internet]. 1st ed. United Kingdom: HM Revenue & Customs; 2014 [cited 27 October 2014]. Available from:http://www.hmrc.gov.uk/eis/guidance.pdf
  28. Jump up^ Seedrs.com. Seed Enterprise Investment Scheme (SEIS) and Enterprise Investment Scheme (EIS) [Internet]. 2014 [cited 27 October 2014]. Available from:https://www.seedrs.com/seis_eis_tax_relief
  29. Jump up^ Hmrc.gov.uk. VCM50010 – VCT: overview of the VCT scheme [Internet]. 2014 [cited 27 October 2014]. Available from: http://www.hmrc.gov.uk/manuals/vcmmanual/vcm50010.htm.
  30. Jump up^ Social Investment Tax Relief – Gov.uk. Social Investment Tax Relief (SITR) [Internet]. 2014 [cited 27 October 2014]. Available from:https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/298220/Social_investment_tax
  31. Jump up^ Social Investment Tax Relief (SITR) – investors [Internet]. 1st ed. United Kingdom: HM Revenue and Customs; 2014 [cited 27 October 2014]. Available from:http://www.hmrc.gov.uk/sitr/investors-guide.pdf
  32. Jump up^ Social Investment Tax Relief (SITR) – investors [Internet]. 1st ed. United Kingdom: HM Revenue and Customs; 2014 [cited 27 October 2014]. Available from:http://www.hmrc.gov.uk/sitr/investors-guide.pdf.
  33. Jump up^ Social Investment Tax Relief (SITR) – investors [Internet]. 1st ed. United Kingdom: HM Revenue and Customs; 2014 [cited 27 October 2014]. Available from:http://www.hmrc.gov.uk/sitr/investors-guide.pdf.
  34. Jump up^ Entrepreneur. Getting Started With Angel Investing [Internet]. 2014 [cited 28 October 2014]. Available from: http://www.entrepreneur.com/article/52742
  35. Jump up^ 27. Oxforddictionaries.com. crowdfunding: definition of crowdfunding in Oxford dictionary (American English) (US) [Internet]. 2014 [cited 27 October 2014]. Available from:http://www.oxforddictionaries.com/us/definition/american_english/crowdfunding
  36. Jump up^ Razoo.com. Nonprofits — Raise Money for Your Cause with Razoo’s Social and Commerce Tools – Razoo [Internet]. 2014 [cited 27 October 2014]. Available from:http://www.razoo.com/p/nonprofits
  37. Jump up^ Renewalpartners.com. About Us | Renewal [Internet]. 2014 [cited 28 October 2014]. Available from: http://www.renewalpartners.com/about
  38. Jump up^ Acumen. Acumen Investments Generate Both Social & Financial Returns [Internet]. 2014 [cited 28 October 2014]. Available from: http://acumen.org/investments/investment-model-2/
  39. Jump up^ Agdevco.com. About Us [Internet]. 2014 [cited 28 October 2014]. Available from: http://www.agdevco.com/about_us.php
  40. Jump up^ Unitus Seed Fund. About Unitus Seed Fund [Internet]. 2014 [cited 28 October 2014]. Available from: http://usf.vc/about/
  41. Jump up^ Gbfund.org. About Us | Grassroots Business Fund [Internet]. 2014 [cited 28 October 2014]. Available from: http://www.gbfund.org/about-us
  42. Jump up^ Triodos.co.uk. [Internet]. 2014 [cited 28 October 2014]. Available from: http://www.triodos.co.uk/en/about-triodos/who-we-are/
  43. Jump up^ Aavishkaar.in. About Us | Aavishkaar [Internet]. 2014 [cited 28 October 2014]. Available from: http://www.aavishkaar.in/about-us/
  44. Jump up^ Omidyar.com. Who We Are | Omidyar Network [Internet]. 2014 [cited 28 October 2014]. Available from: http://www.omidyar.com/who-we-are
  45. Jump up^ Shellfoundation.org. Shell Foundation – About Us [Internet]. 2014 [cited 28 October 2014]. Available from: https://www.shellfoundation.org/About-Us.aspx
  46. Jump up^ Citylightcap.com. About Us [Internet]. 2015 [cited 8 July 2015]. Available from: http://www.citylightcap.com/about/

Venture capital

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From Wikipedia, the free encyclopedia
For the process of financing by venture capital, see Venture capital financing.

Venture capital (VC) is financial capital provided to early-stage, high-potential, growth startup companies. The venture capital fund earns money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as biotechnology and IT. The typical venture capital investment occurs after the seed fundinground as the first round of institutional capital to fund growth (also referred to as Series A round) in the interest of generating a return through an eventual realization event, such as an IPO or trade sale of the company. Venture capital is a type of private equity.[1]

In addition with angel investing, equity crowdfunding and other seed funding options, venture capital is attractive for new companies with limited operating history that are too small to raise capital in the public markets and have not reached the point where they are able to secure a bank loan or complete a debt offering. In exchange for the high risk that venture capitalists assume by investing in smaller and less mature companies, venture capitalists usually get significant control over company decisions, in addition to a significant portion of the company’s ownership (and consequently value).

Venture capital is also associated with job creation (accounting for 2% of US GDP),[2] the knowledge economy, and used as a proxy measure of innovation within an economic sector or geography. Every year, there are nearly 2 million businesses created in the USA, and 600–800 get venture capital funding. According to the National Venture Capital Association, 11% of private sector jobs come from venture-backed companies and venture-backed revenue accounts for 21% of US GDP.[3]

It is also a way in which the private and the public sector can construct an institution that systematically creates networks for the new firms and industries, so that they can progress. This institution helps identify and combine pieces of companies, such as finance, technical expertise, marketing know-how, and business models. Once integrated, these enterprises succeed by becoming nodes in the search networks for designing and building products in their domain.[4]

History[edit]

A venture may be defined as a project prospective converted into a process with an adequate assumed risk and investment. With few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families. The Wallenbergs, Vanderbilts, Whitneys, Rockefellers, and Warburgs were notable investors in private companies in the first half of the century. In 1938, Laurance S. Rockefeller helped finance the creation of both Eastern Air Lines and Douglas Aircraft, and the Rockefeller family had vast holdings in a variety of companies. Eric M. Warburg founded E.M. Warburg & Co. in 1938, which would ultimately become Warburg Pincus, with investments in both leveraged buyouts and venture capital. The Wallenberg family started Investor AB in 1916 in Sweden and were early investors in several Swedish companies such as ABB, Atlas Copco, Ericsson, etc. in the first half of the 20th century.

Origins of modern private equity[edit]

Before World War II (1939–1945), money orders (originally known as “development capital”) remained primarily the domain of wealthy individuals and families. Only after 1945 did “true” private equity investments begin to emerge, notably with the founding of the first two venture capital firms in 1946: American Research and Development Corporation (ARDC) and J.H. Whitney & Company.[5][6]

Georges Doriot, the “father of venture capitalism”[7] (and former assistant dean of Harvard Business School), founded INSEAD in 1957. Along with Ralph Flanders and Karl Compton (former president of MIT), Doriot founded ARDC in 1946 to encourage private-sector investment in businesses run by soldiers returning from World War II. ARDC became the first institutional private-equity investment firm to raise capital from sources other than wealthy families, although it had several notable investment successes as well.[8] ARDC is credited[by whom?] with the first trick when its 1957 investment of $70,000 in Digital Equipment Corporation (DEC) would be valued at over $355 million after the company’s initial public offering in 1968 (representing a return of over 1200 times on its investment and an annualized rate of return of 101%).[9]

Former employees of ARDC went on to establish several prominent venture-capital firms including Greylock Partners (founded in 1965 by Charlie Waite and Bill Elfers) andMorgan, Holland Ventures, the predecessor of Flagship Ventures (founded in 1982 by James Morgan).[10] ARDC continued investing until 1971, when Doriot retired. In 1972 Doriot merged ARDC with Textron after having invested in over 150 companies.

John Hay Whitney (1904–1982) and his partner Benno Schmidt (1913–1999) founded J.H. Whitney & Company in 1946. Whitney had been investing since the 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney. Florida Foods Corporation proved Whitney’s most famous investment. The company developed an innovative method for delivering nutrition to American soldiers, later known as Minute Maid orange juice and was sold to The Coca-Cola Company in 1960. J.H. Whitney & Company continued to make investments in leveraged buyout transactions and raised $750 million for its sixthinstitutional private equity fund in 2005.

Early venture capital and the growth of Silicon Valley[edit]

A highway exit for Sand Hill Road inMenlo Park, California, where many Bay Area venture capital firms are based

One of the first steps toward a professionally managed venture capital industry was the passage of the Small Business Investment Act of 1958. The 1958 Act officially allowed the U.S. Small Business Administration (SBA) to license private “Small Business Investment Companies” (SBICs) to help the financing and management of the small entrepreneurial businesses in the United States.[11]

During the 1960s and 1970s, venture capital firms focused their investment activity primarily on starting and expanding companies. More often than not, these companies were exploiting breakthroughs in electronic, medical, or data-processing technology. As a result, venture capital came to be almost synonymous with technology finance. An early West Coast venture capital company was Draper and Johnson Investment Company, formed in 1962[12] by William Henry Draper III and Franklin P. Johnson, Jr. In 1965, Sutter Hill Ventures acquired the portfolio of Draper and Johnson as a founding action. Bill Draper and Paul Wythes were the founders, and Pitch Johnson formed Asset Management Company at that time.

It is commonly noted that the first venture-backed startup is Fairchild Semiconductor (which produced the first commercially practical integrated circuit), funded in 1959 by what would later become Venrock Associates.[13] Venrock was founded in 1969 by Laurance S. Rockefeller, the fourth of John D. Rockefeller’s six children as a way to allow other Rockefeller children to develop exposure to venture capital investments.

It was also in the 1960s that the common form of private equity fund, still in use today, emerged. Private equity firms organized limited partnerships to hold investments in which the investment professionals served as general partner and the investors, who were passivelimited partners, put up the capital. The compensation structure, still in use today, also emerged with limited partners paying an annual management fee of 1.0–2.5% and a carried interest typically representing up to 20% of the profits of the partnership.

The growth of the venture capital industry was fueled by the emergence of the independent investment firms on Sand Hill Road, beginning with Kleiner, Perkins, Caufield & Byers and Sequoia Capital in 1972. Located in Menlo Park, CA, Kleiner Perkins, Sequoia and later venture capital firms would have access to the many semiconductorcompanies based in the Santa Clara Valley as well as early computer firms using their devices and programming and service companies.[14]

Throughout the 1970s, a group of private equity firms, focused primarily on venture capital investments, would be founded that would become the model for later leveraged buyout and venture capital investment firms. In 1973, with the number of new venture capital firms increasing, leading venture capitalists formed the National Venture Capital Association (NVCA). The NVCA was to serve as the industry trade group for the venture capital industry.[15] Venture capital firms suffered a temporary downturn in 1974, when the stock market crashed and investors were naturally wary of this new kind of investment fund.

It was not until 1978 that venture capital experienced its first major fundraising year, as the industry raised approximately $750 million. With the passage of the Employee Retirement Income Security Act (ERISA) in 1974, corporate pension funds were prohibited from holding certain risky investments including many investments in privately heldcompanies. In 1978, the US Labor Department relaxed certain of the ERISA restrictions, under the “prudent man rule,”[16] thus allowing corporate pension funds to invest in the asset class and providing a major source of capital available to venture capitalists.

1980s[edit]

The public successes of the venture capital industry in the 1970s and early 1980s (e.g., Digital Equipment Corporation, Apple Inc., Genentech) gave rise to a major proliferation of venture capital investment firms. From just a few dozen firms at the start of the decade, there were over 650 firms by the end of the 1980s, each searching for the next major “home run.” The number of firms multiplied, and the capital managed by these firms increased from $3 billion to $31 billion over the course of the decade.[17]

The growth of the industry was hampered by sharply declining returns, and certain venture firms began posting losses for the first time. In addition to the increased competition among firms, several other factors affected returns. The market for initial public offerings cooled in the mid-1980s before collapsing after the stock market crash in 1987, and foreign corporations, particularly from Japan and Korea, flooded early-stage companies with capital.[17]

In response to the changing conditions, corporations that had sponsored in-house venture investment arms, including General Electric and Paine Webber either sold off or closed these venture capital units. Additionally, venture capital units within Chemical Bank and Continental Illinois National Bank, among others, began shifting their focus from funding early stage companies toward investments in more mature companies. Even industry founders J.H. Whitney & Company and Warburg Pincus began to transition toward leveraged buyouts and growth capital investments.[17][18][19]

Venture capital boom and the Internet Bubble[edit]

By the end of the 1980s, venture capital returns were relatively low, particularly in comparison with their emerging leveraged buyout cousins, due in part to the competition for hot startups, excess supply of IPOs and the inexperience of many venture capital fund managers. Growth in the venture capital industry remained limited throughout the 1980s and the first half of the 1990s, increasing from $3 billion in 1983 to just over $4 billion more than a decade later in 1994.

After a shakeout of venture capital managers, the more successful firms retrenched, focusing increasingly on improving operations at their portfolio companies rather than continuously making new investments. Results would begin to turn very attractive, successful and would ultimately generate the venture capital boom of the 1990s. Yale School of Management Professor Andrew Metrick refers to these first 15 years of the modern venture capital industry beginning in 1980 as the “pre-boom period” in anticipation of the boom that would begin in 1995 and last through the bursting of the Internet bubble in 2000.[20]

The late 1990s were a boom time for venture capital, as firms on Sand Hill Road in Menlo Park and Silicon Valley benefited from a huge surge of interest in the nascent Internet and other computer technologies. Initial public offerings of stock for technology and other growth companies were in abundance, and venture firms were reaping large returns.

Private equity crash[edit]

The technology-heavy NASDAQ Compositeindex peaked at 5,048 in March 2000 reflecting the high point of the dot-com bubble.

The Nasdaq crash and technology slump that started in March 2000 shook virtually the entire venture capital industry as valuations for startup technology companies collapsed. Over the next two years, many venture firms had been forced to write-off large proportions of their investments, and many funds were significantly “under water” (the values of the fund’s investments were below the amount of capital invested). Venture capital investors sought to reduce size of commitments they had made to venture capital funds, and, in numerous instances, investors sought to unload existing commitments for cents on the dollar in the secondary market. By mid-2003, the venture capital industry had shriveled to about half its 2001 capacity. Nevertheless, PricewaterhouseCoopers’ MoneyTree Survey[21] shows that total venture capital investments held steady at 2003 levels through the second quarter of 2005.

Although the post-boom years represent just a small fraction of the peak levels of venture investment reached in 2000, they still represent an increase over the levels of investment from 1980 through 1995. As a percentage of GDP, venture investment was 0.058% in 1994, peaked at 1.087% (nearly 19 times the 1994 level) in 2000 and ranged from 0.164% to 0.182% in 2003 and 2004. The revival of an Internet-driven environment in 2004 through 2007 helped to revive the venture capital environment. However, as a percentage of the overall private equity market, venture capital has still not reached its mid-1990s level, let alone its peak in 2000.

Venture capital funds, which were responsible for much of the fundraising volume in 2000 (the height of the dot-com bubble), raised only $25.1 billion in 2006, a 2% decline from 2005 and a significant decline from its peak.[22]

Funding[edit]

Obtaining venture capital is substantially different from raising debt or a loan. Lenders have a legal right to interest on a loan and repayment of the capital irrespective of the success or failure of a business. Venture capital is invested in exchange for an equity stake in the business. The return of the venture capitalist as a shareholder depends on the growth and profitability of the business. This return is generally earned when the venture capitalist “exits” by selling its shareholdings when the business is sold to another owner.

Venture capitalists are typically very selective in deciding what to invest in; as a result, firms are looking for the extremely rare yet sought-after qualities such as innovative technology, potential for rapid growth, a well-developed business model, and an impressive management team. Of these qualities, funds are most interested in ventures with exceptionally high growth potential, as only such opportunities are likely capable of providing financial returns and a successful exit within the required time frame (typically 3–7 years) that venture capitalists expect.

Because investments are illiquid and require the extended time frame to harvest, venture capitalists are expected to carry out detailed due diligence prior to investment. Venture capitalists also are expected to nurture the companies in which they invest, in order to increase the likelihood of reaching an IPO stage when valuations are favourable. Venture capitalists typically assist at four stages in the company’s development:[23]

Because there are no public exchanges listing their securities, private companies meet venture capital firms and other private equity investors in several ways, including warm referrals from the investors’ trusted sources and other business contacts; investor conferences and symposia; and summits where companies pitch directly to investor groups in face-to-face meetings, including a variant known as “Speed Venturing”, which is akin to speed-dating for capital, where the investor decides within 10 minutes whether he wants a follow-up meeting. In addition, some new private online networks are emerging to provide additional opportunities for meeting investors.[24]

This need for high returns makes venture funding an expensive capital source for companies, and most suitable for businesses having large up-front capital requirements, which cannot be financed by cheaper alternatives such as debt. That is most commonly the case for intangible assets such as software, and other intellectual property, whose value is unproven. In turn, this explains why venture capital is most prevalent in the fast-growing technology and life sciences or biotechnology fields.

If a company does have the qualities venture capitalists seek including a solid business plan, a good management team, investment and passion from the founders, a good potential to exit the investment before the end of their funding cycle, and target minimum returns in excess of 40% per year, it will find it easier to raise venture capital.

Financing stages[edit]

There are typically six stages of venture round financing offered in Venture Capital, that roughly correspond to these stages of a company’s development.[25]

  • Seed funding: The earliest round of financing needed to prove a new idea, often provided by angel investors. Equity crowdfunding is also emerging as an option for seed funding.
  • Start-up: Early stage firms that need funding for expenses associated with marketing and product development
  • Growth (Series A round): Early sales and manufacturing funds. This is typically where VCs come in. Series A can be thought of as the first institutional round. Subsequent investment rounds are called Series B, Series C and so on…
  • Second-Round: Working capital for early stage companies that are selling product, but not yet turning a profit. This can also be called Series B round and so on.
  • Expansion: Also called Mezzanine financing, this is expansion money for a newly profitable company
  • Exit of venture capitalist: VCs can exit through secondary sale or an IPO or an acquisition. Early stage VCs may exit in later rounds when new investors (VCs or Private Equity investors) buy the shares of an existing investors. Sometimes a company very close to an IPO may allow some VCs to exit and instead new investors may come in hoping to profit from the IPO.
  • Bridge Financing is when a startup seeks funding in between full VC rounds. The objective is to raise smaller amount of money instead of a full round and usually the existing investors participate.

Between the first round and the fourth round, venture-backed companies may also seek to take venture debt.[26]

Firms and funds[edit]

Venture capitalists[edit]

A venture capitalist is a person who makes venture investments, and these venture capitalists are expected to bring managerial and technical expertise as well as capital to their investments. A venture capital fund refers to a pooled investment vehicle (in the United States, often an LP or LLC) that primarily invests the financial capital of third-party investors in enterprises that are too risky for the standard capital markets or bank loans. These funds are typically managed by a venture capital firm, which often employs individuals with technology backgrounds (scientists, researchers), business training and/or deep industry experience.

A core skill within VC is the ability to identify novel or disruptive technologies that have the potential to generate high commercial returns at an early stage. By definition, VCs also take a role in managing entrepreneurial companies at an early stage, thus adding skills as well as capital, thereby differentiating VC from buy-out private equity, which typically invest in companies with proven revenue, and thereby potentially realizing much higher rates of returns. Inherent in realizing abnormally high rates of returns is the risk of losing all of one’s investment in a given startup company. As a consequence, most venture capital investments are done in a pool format, where several investors combine their investments into one large fund that invests in many different startup companies. By investing in the pool format, the investors are spreading out their risk to many different investments instead of taking the chance of putting all of their money in one start up firm.

Diagram of the structure of a generic venture capital fund

Structure[edit]

Venture capital firms are typically structured as partnerships, the general partners of which serve as the managers of the firm and will serve as investment advisors to the venture capital funds raised. Venture capital firms in the United States may also be structured aslimited liability companies, in which case the firm’s managers are known as managing members. Investors in venture capital funds are known as limited partners. This constituency comprises both high-net-worth individuals and institutions with large amounts of available capital, such as state and private pension funds, university financial endowments, foundations, insurance companies, and pooled investment vehicles, calledfunds of funds.

Types[edit]

Venture Capitalist firms differ in their approaches. There are multiple factors, and each firm is different.

Some of the factors that influence VC decisions include:

  • Business situation: Some VCs tend to invest in new, disruptive ideas, or fledgling companies. Others prefer investing in established companies that need support to go public or grow.
  • Some invest solely in certain industries.
  • Some prefer operating locally while others will operate nationwide or even globally.
  • VC expectations can often vary. Some may want a quicker public sale of the company or expect fast growth. The amount of help a VC provides can vary from one firm to the next.

Roles[edit]

Within the venture capital industry, the general partners and other investment professionals of the venture capital firm are often referred to as “venture capitalists” or “VCs”. Typical career backgrounds vary, but, broadly speaking, venture capitalists come from either an operational or a finance background. Venture capitalists with an operational background (operating partner) tend to be former founders or executives of companies similar to those which the partnership finances or will have served as management consultants. Venture capitalists with finance backgrounds tend to have investment banking or other corporate finance experience.

Although the titles are not entirely uniform from firm to firm, other positions at venture capital firms include:

Position Role
General Partners or GPs They run the Venture Capital firm and make the investment decisions on behalf of the fund. GPs typically put in personal capital upto 1-2% of the VC Fund size to show their commitment to the LPs.
Venture partners Venture partners are expected to source potential investment opportunities (“bring in deals”) and typically are compensated only for those deals with which they are involved.
Principal This is a mid-level investment professional position, and often considered a “partner-track” position. Principals will have been promoted from a senior associate position or who have commensurate experience in another field, such as investment banking, management consulting, or a market of particular interest to the strategy of the venture capital firm.
Associate This is typically the most junior apprentice position within a venture capital firm. After a few successful years, an associate may move up to the “senior associate” position and potentially principal and beyond. Associates will often have worked for 1–2 years in another field, such as investment banking ormanagement consulting.
Entrepreneur-in-residence Entrepreneurs-in-residence (EIRs) are experts in a particular domain and perform due diligence on potential deals. EIRs are engaged by venture capital firms temporarily (six to 18 months) and are expected to develop and pitch startup ideas to their host firm although neither party is bound to work with each other. Some EIRs move on to executive positions within a portfolio company.

Structure of the funds[edit]

Most venture capital funds have a fixed life of 10 years, with the possibility of a few years of extensions to allow for private companies still seeking liquidity. The investing cycle for most funds is generally three to five years, after which the focus is managing and making follow-on investments in an existing portfolio. This model was pioneered by successful funds in Silicon Valley through the 1980s to invest in technological trends broadly but only during their period of ascendance, and to cut exposure to management and marketing risks of any individual firm or its product.

In such a fund, the investors have a fixed commitment to the fund that is initially unfunded and subsequently “called down” by the venture capital fund over time as the fund makes its investments. There are substantial penalties for a limited partner (or investor) that fails to participate in a capital call.

It can take anywhere from a month or so to several years for venture capitalists to raise money from limited partners for their fund. At the time when all of the money has been raised, the fund is said to be closed, and the 10-year lifetime begins. Some funds have partial closes when one half (or some other amount) of the fund has been raised. Thevintage year generally refers to the year in which the fund was closed and may serve as a means to stratify VC funds for comparison. This[27] shows the difference between a venture capital fund management company and the venture capital funds managed by them.

From investors’ point of view, funds can be: (1) traditional—where all the investors invest with equal terms; or (2) asymmetric—where different investors have different terms. Typically the asymmetry is seen in cases where there’s an investor that has other interests such as tax income in case of public investors.[28]

Compensation[edit]

Main article: Carried interest

Venture capitalists are compensated through a combination of management fees and carried interest (often referred to as a “two and 20” arrangement):

Payment Implementation
Management fees an annual payment made by the investors in the fund to the fund’s manager to pay for the private equity firm’s investment operations.[29] In a typical venture capital fund, the general partners receive an annual management fee equal to up to 2% of the committed capital.
Carried interest a share of the profits of the fund (typically 20%), paid to the private equity fund’s management company as a performance incentive. The remaining 80% of the profits are paid to the fund’s investors[29] Strong limited partner interest in top-tier venture firms has led to a general trend toward terms more favorable to the venture partnership, and certain groups are able to command carried interest of 25–30% on their funds.

Because a fund may run out of capital prior to the end of its life, larger venture capital firms usually have several overlapping funds at the same time; doing so lets the larger firm keep specialists in all stages of the development of firms almost constantly engaged. Smaller firms tend to thrive or fail with their initial industry contacts; by the time the fund cashes out, an entirely new generation of technologies and people is ascending, whom the general partners may not know well, and so it is prudent to reassess and shift industries or personnel rather than attempt to simply invest more in the industry or people the partners already know.

Alternatives[edit]

Because of the strict requirements venture capitalists have for potential investments, many entrepreneurs seek seed funding from angel investors, who may be more willing to invest in highly speculative opportunities, or may have a prior relationship with the entrepreneur.

Furthermore, many venture capital firms will only seriously evaluate an investment in a start-up company otherwise unknown to them if the company can prove at least some of its claims about the technology and/or market potential for its product or services. To achieve this, or even just to avoid the dilutive effects of receiving funding before such claims are proven, many start-ups seek to self-finance sweat equity until they reach a point where they can credibly approach outside capital providers such as venture capitalists or angel investors. This practice is called “bootstrapping“.

There has been some debate since the dot com boom that a “funding gap” has developed between the friends and family investments typically in the $0 to $250,000 range and the amounts that most VC funds prefer to invest between $1 million to $2 million.[citation needed] This funding gap may be accentuated by the fact that some successful VC funds have been drawn to raise ever-larger funds, requiring them to search for correspondingly larger investment opportunities. This gap is often filled by sweat equity andseed funding via angel investors as well as equity investment companies who specialize in investments in startup companies from the range of $250,000 to $1 million. The National Venture Capital Association estimates that the latter now invest more than $30 billion a year in the USA, in contrast to the $20 billion a year invested by organized venture capital funds.[citation needed]

Equity crowdfunding is emerging as an alternative to traditional venture capital. Traditional crowdfunding is an approach to raising the capital required for a new project or enterprise by appealing to large numbers of ordinary people for small donations. While such an approach has long precedents in the sphere of charity, it is receiving renewed attention from entrepreneurs, now that social media and online communities make it possible to reach out to a group of potentially interested supporters at very low cost. Some equity crowdfunding models are also being applied specifically for startup funding, such as those listed at Comparison of crowd funding services. One of the reasons to look for alternatives to venture capital is the problem of the traditional VC model. The traditional VCs are shifting their focus to later-stage investments, and return on investment of many VC funds have been low or negative.[24][30]

In Europe and India, Media for equity is a partial alternative to venture capital funding. Media for equity investors are able to supply start-ups with often significant advertising campaigns in return for equity. In Europe, an investment advisory firm offers young ventures the option to exchange equity for services investment; their aim is to guide ventures through the development stage to arrive at a significant funding, mergers and acquisition, or other exit strategy.[31]

In industries where assets can be securitized effectively because they reliably generate future revenue streams or have a good potential for resale in case of foreclosure, businesses may more cheaply be able to raise debt to finance their growth. Good examples would include asset-intensive extractive industries such as mining, or manufacturing industries. Offshore funding is provided via specialist venture capital trusts, which seek to utilise securitization in structuring hybrid multi-market transactions via an SPV (special purpose vehicle): a corporate entity that is designed solely for the purpose of the financing.

In addition to traditional venture capital and angel networks, groups have emerged, which allow groups of small investors or entrepreneurs themselves to compete in a privatized business plan competition where the group itself serves as the investor through a democratic process.[32]

Law firms are also increasingly acting as an intermediary between clients seeking venture capital and the firms providing it.[33]

Other forms include Venture Resources, that seek to provide non-monetary support to launch a new venture.

Geographical differences[edit]

Venture capital, as an industry, originated in the United States, and American firms have traditionally been the largest participants in venture deals with the bulk of venture capital being deployed in American companies. However, increasingly, non-US venture investment is growing, and the number and size of non-US venture capitalists have been expanding.

Venture capital has been used as a tool for economic development in a variety of developing regions. In many of these regions, with less developed financial sectors, venture capital plays a role in facilitating access to finance for small and medium enterprises (SMEs), which in most cases would not qualify for receiving bank loans.

In the year of 2008, while VC funding were still majorly dominated by U.S. money ($28.8 billion invested in over 2550 deals in 2008), compared to international fund investments ($13.4 billion invested elsewhere), there has been an average 5% growth in the venture capital deals outside the USA, mainly in China and Europe.[34]Geographical differences can be significant. For instance, in the UK, 4% of British investment goes to venture capital, compared to about 33% in the U.S.[35]

United States[edit]

Venture capitalists invested some $29.1 billion in 3,752 deals in the U.S. through the fourth quarter of 2011, according to a report by the National Venture Capital Association. The same numbers for all of 2010 were $23.4 billion in 3,496 deals.[36] A National Venture Capital Association survey found that a majority (69%) of venture capitalists predicted that venture investments in the U.S. would have leveled between $20–29 billion in 2007.[citation needed]

According to a report by Dow Jones VentureSource, venture capital funding fell to $6.4 billion in the USA in the first quarter of 2013, an 11.8% drop from the first quarter of 2012, and a 20.8% decline from 2011. Venture firms have added $4.2 billion into their funds this year, down from $6.3 billion in the first quarter of 2013, but up from $2.6 billion in the fourth quarter of 2012.[37]

Mexico[edit]

The Venture Capital industry in Mexico is a fast-growing sector in the country that, with the support of institutions and private funds, is estimated to reach US$100 billion invested by 2018.[38]

Technology in Israel

Israel[edit]

In Israel, high-tech entrepreneurship and venture capital have flourished well beyond the country’s relative size. As it has very little natural resources and, historically has been forced to build its economy on knowledge-based industries, its VC industry has rapidly developed, and nowadays has about 70 active venture capital funds, of which 14 international VCs with Israeli offices, and additional 220 international funds which actively invest in Israel. In addition, as of 2010, Israel led the world in venture capital invested per capita. Israel attracted $170 per person compared to $75 in the USA.[39] About two thirds of the funds invested were from foreign sources, and the rest domestic. In 2013, Wix.com joined 62 other Israeli firms on the Nasdaq.[40] Read more about Venture capital in Israel.

Canada[edit]

Canadian technology companies have attracted interest from the global venture capital community partially as a result of generous tax incentive through the Scientific Research and Experimental Development (SR&ED) investment tax credit program.[citation needed] The basic incentive available to any Canadian corporation performing R&D is a refundable tax credit that is equal to 20% of “qualifying” R&D expenditures (labour, material, R&D contracts, and R&D equipment). An enhanced 35% refundable tax credit of available to certain (i.e. small) Canadian-controlled private corporations (CCPCs). Because the CCPC rules require a minimum of 50% Canadian ownership in the company performing R&D, foreign investors who would like to benefit from the larger 35% tax credit must accept minority position in the company, which might not be desirable. The SR&ED program does not restrict the export of any technology or intellectual property that may have been developed with the benefit of SR&ED tax incentives.

Canada also has a fairly unique form of venture capital generation in its Labour Sponsored Venture Capital Corporations (LSVCC). These funds, also known as Retail Venture Capital or Labour Sponsored Investment Funds (LSIF), are generally sponsored by labor unions and offer tax breaks from government to encourage retail investors to purchase the funds. Generally, these Retail Venture Capital funds only invest in companies where the majority of employees are in Canada. However, innovative structures have been developed to permit LSVCCs to direct in Canadian subsidiaries of corporations incorporated in jurisdictions outside of Canada.

Switzerland[edit]

Many Swiss start-ups are university spin-offs, in particular from its federal institutes of technology in Lausanne and Zurich.[41] According to a study by the London School of Economics analysing 130 ETH Zurich spin-offs over 10 years, about 90% of these start-ups survived the first five critical years, resulting in an average annual IRR of more than 43%.[42] Switzerland’s most active early-stage investors are The Zurich Cantonal Bank, investiere as well as a number of angel investor clubs.[43]

Europe[edit]

Europe has a large and growing number of active venture firms. Capital raised in the region in 2005, including buy-out funds, exceeded €60 billion, of which €12.6 billion was specifically allocated to venture investment. The European Venture Capital Association[44] includes a list of active firms and other statistics. In 2006, the top three countries receiving the most venture capital investments were the United Kingdom (515 minority stakes sold for €1.78 billion), France (195 deals worth €875 million), and Germany (207 deals worth €428 million) according to data gathered by Library House.[45]

European venture capital investment in the second quarter of 2007 rose 5% to €1.14 billion from the first quarter. However, due to bigger sized deals in early stage investments, the number of deals was down 20% to 213. The second quarter venture capital investment results were significant in terms of early-round investment, where as much as €600 million (about 42.8% of the total capital) were invested in 126 early round deals (which comprised more than half of the total number of deals).[46]

In 2007, private equity in Italy was €4.2B.[citation needed] Notable VC firms in Italy include the milan based firm United Ventures and dPixel.

In 2012, in France, according to a study [47] by AFIC (the French Association of VC firms), €6.1B have been invested through 1,548 deals (39% in new companies, 61% in new rounds).

A study published in early 2013 showed that contrary to popular belief, European startups backed by venture capital do not perform worse than US counterparts.[48] European venture-backed firms have an equal chance of listing on the stock exchange, and a slightly lower chance of a “trade sale” (acquisition by other company).

In contrast to the US, European media companies and also funds have been pursuing a media for equity business model as a form of venture capital investment.

Leading early-stage venture capital investors in Europe include Mark Tluszcz of Mangrove Capital Partners and Danny Rimer of Index Ventures, both of whom were named on Forbes Magazine’s Midas List of the world’s top dealmakers in technology venture capital in 2007.[49]

Asia[edit]

India is fast catching up with the West in the field of venture capital and a number of venture capital funds have a presence in the country (IVCA). In 2006, the total amount of private equity and venture capital in India reached $7.5 billion across 299 deals.[50] In the Indian context, venture capital consists of investing in equity, quasi-equity, or conditional loans in order to promote unlisted, high-risk, or high-tech firms driven by technically or professionally qualified entrepreneurs. It is also defined as “providing seed”, “start-up and first-stage financing”.[51] It is also seen as financing companies that have demonstrated extraordinary business potential. Venture capital refers to capital investment; equity and debt ;both of which carry indubitable risk. The risk anticipated is very high. The venture capital industry follows the concept of “high risk, high return”, innovative entrepreneurship, knowledge-based ideas and human capital intensive enterprises have taken the front seat as venture capitalists invest in risky finance to encourage innovation.[52]

China is also starting to develop a venture capital industry (CVCA).

Vietnam is experiencing its first foreign venture capitals, including IDG Venture Vietnam ($100 million) and DFJ Vinacapital ($35 million)[53]

Middle East and North Africa[edit]

The Middle East and North Africa (MENA) venture capital industry is an early stage of development but growing. The MENA Private Equity Association Guide to Venture Capital for entrepreneurs lists VC firms in the region, and other resources available in the MENA VC ecosystem. Diaspora organization TechWadi aims to give MENA companies access to VC investors based in the US.

Southern Africa[edit]

The Southern African venture capital industry is developing.

South Africa, with the help of the South African Government and Revenue Service, has realized the necessity to follow the international trend of using tax efficient vehicles to propel economic growth and job creation through venture capital. Section 12 J of the Income Tax Act was updated to include Venture Capital Companies allowing a tax efficient structure similar to VCT’s in the UK. Section 12 J provides investors the opportunity to invest in Venture Capital through a tax efficient structure.

Despite the above structure Government needs to adjust regulation around intellectual property, exchange control and other legislation to ensure that Venture Capital succeeds in South Africa.

Currently, there are not many Venture Capital Funds in operation and it is a small community however funds are available. Funds are difficult to come by and very few firms have managed to get funding despite demonstrating tremendous growth potential.

The majority of the venture capital in Southern Africa is centered around South Africa and Kenya.

Confidential information[edit]

Unlike public companies, information regarding an entrepreneur’s business is typically confidential and proprietary. As part of the due diligence process, most venture capitalists will require significant detail with respect to a company’s business plan. Entrepreneurs must remain vigilant about sharing information with venture capitalists that are investors in their competitors. Most venture capitalists treat information confidentially, but as a matter of business practice, they do not typically enter into Non Disclosure Agreements because of the potential liability issues those agreements entail. Entrepreneurs are typically well advised to protect truly proprietary intellectual property.

Limited partners of venture capital firms typically have access only to limited amounts of information with respect to the individual portfolio companies in which they are invested and are typically bound by confidentiality provisions in the fund’s limited partnership agreement.

Governmental Regulations[edit]

There are several strict guidelines regulating those that deal in venture capital. Namely, they are not allowed to advertise or solicit business in any form as per the U.S. Securities and Exchange Commission guidelines.[54]

In popular culture[edit]

In books[edit]

  • Mark Coggins‘ novel Vulture Capital (2002) features a venture capitalist protagonist who investigates the disappearance of the chief scientist in a biotech firm in which he has invested. Coggins also worked in the industry and was co-founder of a dot-com startup.[55]
  • Drawing on his experience as reporter covering technology for the New York Times, Matt Richtel produced the novel Hooked (2007), in which the actions of the main character’s deceased girlfriend, a Silicon Valley venture capitalist, play a key role in the plot.[56]

In comics[edit]

  • In the Dilbert comic strip, a character named “Vijay, the World’s Most Desperate Venture Capitalist” frequently makes appearances, offering bags of cash to anyone with even a hint of potential. In one strip, he offers two small children with good math grades money based on the fact that if they marry and produce an engineer baby he can invest in the infant’s first idea. The children respond that they are already looking for mezzanine funding.
  • Robert von Goeben and Kathryn Siegler produced a comic strip called The VC between the years 1997 and 2000 that parodied the industry, often by showing humorous exchanges between venture capitalists and entrepreneurs.[57] Von Goeben was a partner in Redleaf Venture Management when he began writing the strip.[58]

In film[edit]

  • In Wedding Crashers (2005), Jeremy Grey (Vince Vaughn) and John Beckwith (Owen Wilson) are bachelors who create appearances to play at different weddings of complete strangers, and a large part of the movie follows them posing as venture capitalists from New Hampshire.
  • The documentary, Something Ventured (2011), chronicled the recent history of American technology venture capitalists.

In television[edit]

  • In the TV series Dragons’ Den, various startup companies pitch their business plans to a panel of venture capitalists.
  • In the ABC reality television show Shark Tank, venture capitalists (“Sharks”) invest in entrepreneurs.
  • The short lived Bravo reality show Start-Ups: Silicon Valley had participation from venture capitalists in Silicon Valley
  • The sitcom Silicon Valley (TV series) parodies startup companies and venture capital culture.

See also[edit]

References[edit]

  1. Jump up^ “Private Company Knowledge Bank”.
  2. Jump up^ “Venture Impact: The Economic Importance of Venture-Backed Companies to the U.S. Economy”. National Venture Capital Association. Retrieved 2012-05-18.
  3. Jump up^ Venture Impact (5 ed.). IHS Global Insight. 2009. p. 2. ISBN 0-9785015-7-8.
  4. Jump up^ Article: The New Argonauts, Global Search And Local Institution Building. Author : Saxeninan and Sabel
  5. Jump up^ Wilson, John. The New Ventures, Inside the High Stakes World of Venture Capital.
  6. Jump up^ Ante, Spencer E. (2008). Creative Capital: Georges Doriot and the Birth of Venture Capital. Cambridge, MA: Harvard Business School Press. ISBN 1-4221-0122-3.
  7. Jump up^ They Made America – Georges Doriot
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  12. Jump up^ [2] Web site history
  13. Jump up^ [3] The Future of Securities Regulation speech by Brian G. Cartwright, General Counsel U.S. Securities and Exchange Commission. University of Pennsylvania Law School Institute for Law and Economics Philadelphia, Pennsylvania. October 24, 2007.
  14. Jump up^ In 1971, a series of articles entitled “Silicon Valley USA” were published in theElectronic News, a weekly trade publication, giving rise to the use of the term Silicon Valley.
  15. Jump up^ Official website of the [4] National Venture Capital Association, the largest trade association for the venture capital industry.
  16. Jump up^ The “prudent man rule” is a fiduciary responsibility of investment managers under ERISA. Under the original application, each investment was expected to adhere to risk standards on its own merits, limiting the ability of investment managers to make any investments deemed potentially risky. Under the revised 1978 interpretation, the concept of portfolio diversification of risk, measuring risk at the aggregate portfolio level rather than the investment level to satisfy fiduciary standards would also be accepted.
  17. ^ Jump up to:a b c POLLACK, ANDREW. “Venture Capital Loses Its Vigor.” New York Times, October 8, 1989.
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  24. ^ Jump up to:a b Cash-strapped entrepreneurs get creative, BBC News.
  25. Jump up^ Corporate Finance, 8th Edition. Ross, Westerfield, Jaffe. McGraw-Hill publishing, 2008.]
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  28. Jump up^ “Fund — Butterfly Ventures”. Butterfly Ventures. Retrieved 2012-05-18.
  29. ^ Jump up to:a b Private equity industry dictionary. CalPERS Alternative Investment Program
  30. Jump up^ Monday, February 15th, 2010 (2010-02-15). “Grow VC launches, aiming to become the Kiva for tech startups”. Eu.techcrunch.com. Retrieved 2012-05-18.
  31. Jump up^ http://www.sollertis-strategy.com/index.html
  32. Jump up^ “Grow Venture Community”. Growvc.com. Retrieved 2012-05-18.
  33. Jump up^ Austin, Scott (2010-09-09). “”Law Firms Offer Discounts, Play Matchmaker,” The Wall Street Journal, Sept. 9, 2010″. Online.wsj.com. Retrieved 2012-05-18.
  34. Jump up^ “International venture funding rose 5 percent in 2008”. VentureBeat. 2009-02-18. Retrieved 2012-05-18.
  35. Jump up^ “Mandelson, Peter. “There is no Google, or Amazon, or Microsoft or Apple in the UK, Mandelson tells BVCA.” BriskFox Financial News, March 11, 2009″. Briskfox.com. Retrieved 2012-05-18.
  36. Jump up^ “Recent Stats & Studies”. Nvca.org. 2012-03-31. Retrieved 2012-05-18.
  37. Jump up^ Hamilton, Walter (2013-04-18). “Venture-capital funding drops sharply in Southern California”. latimes.com. Retrieved 2013-06-14.
  38. Jump up^ “Se afianza en México industria de “venture capital” | EL EMPRESARIO” (in Spanish). Elempresario.mx. 2012-08-16. Retrieved 2013-06-14.
  39. Jump up^ What next for the start-up nation?, The Economist, Jan 21st 2012
  40. Jump up^ Israel’s Wix Reveals IPO Plans, Forbes, Oct 23rd 2013
  41. Jump up^ Wagner, Steffen (20 June 2011). “Bright sparks! A portrait of entrepreneurial Switzerland” (PDF). Swiss Business. Retrieved 24 April 2013.
  42. Jump up^ Oskarsson, Ingvi; Schläpfer, Alexander (September 2008). “The performance of Spin-off companies at the Swiss Federal Institute of Technology Zurich” (PDF). ETH transfer. Retrieved 29 January 2014.
  43. Jump up^ “Most active Early Stage Investors in 2013”. Startupticker.ch. 21 March 2014. Retrieved 19 June 2015.
  44. Jump up^ “European Venture Capital Association”. Evca.com. 2012-03-01. Retrieved2012-05-18.
  45. Jump up^ Financial Times Article based on data published by Library House.
  46. Jump up^ European Venture Capital, by Sethi, Arjun Sep 2007, accessed December 30, 2007.
  47. Jump up^ French Study on 2012 Private Equity Investment in French
  48. Jump up^ ^Startup Success in Europe vs. US, Whiteboard, Feb. 2013
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  50. Jump up^ “Venture Capital & Private Equity in India (October 2007)” (PDF). Retrieved2012-05-18.
  51. Jump up^ “Venture Capital And Private Equity in India” (PDF).
  52. Jump up^ “Venture Capital:An Impetus to Indian Economy” (PDF).
  53. Jump up^ “Let’s Open the 100 Million Dollar Door | IDG Ventures Vietnam – Official Website”. IDG Venture Vietnam. Retrieved 2012-05-18.
  54. Jump up^ “Eliminating the Prohibition Against General Solicitation and General Advertising in Rule 506 and Rule 144A Offerings”. U.S. Securities and Exchange Commission. Retrieved 20 August 2014.
  55. Jump up^ Liedtke, Michael. “Salon.com, “How Greedy Was My Valley?””. Dir.salon.com. Retrieved 2012-05-18.
  56. Jump up^ Richtel, Matt. “National Public Radio, “Love, Loss and Digital-Age Deception in Hooke””. Npr.org. Retrieved 2012-05-18.
  57. Jump up^ “The VC Comic Strip”. Thevc.com. Retrieved 2012-05-18.
  58. Jump up^ “Comic Book Pokes Fun at Venture Capitalists”. San Francisco Chronicle. 1999-12-20. Retrieved 2012-05-18.

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